https://www.taxtmi.com/caselaws?id=28999 The Tribunal ruled in favor of the assessee, determining that the amount in question, sourced from the company's own funds and not from external borrowing, should not be deducted as a liability under Rule 19A of the Income-tax Rules. The Tribunal emphasized that the funds were not borrowed monies or debts owed to a third party, as they were drawn from surplus funds of another unit within the same company. The court upheld the Tribunal's decision, dismissing the petition and awarding costs to the respondent. en-us Mon, 28 Sep 1981 00:00:00 +0530 Wed, 10 Mar 2010 11:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=28999 The Tribunal ruled in favor of the assessee, determining that the amount in question, sourced from the company's own funds and not from external borrowing, should not be deducted as a liability under Rule 19A of the Income-tax Rules. The Tribunal emphasized that the funds were not borrowed monies or debts owed to a third party, as they were drawn from surplus funds of another unit within the same company. The court upheld the Tribunal's decision, dismissing the petition and awarding costs to the respondent. Case-Laws Income Tax Mon, 28 Sep 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=28999